Equity Investments (Tables)

3 Months Ended

Oct. 31, 2023

Cash and Cash Equivalents [Abstract]

Schedule of Equity Investments

Equity investments consist of the following:

	October 31, 2023		July 31, 2023
	(in thousands)
Zedge, Inc. Class B common stock, 42,282 shares at October 31, 2023 and July 31, 2023	$	81	$	89
Rafael Holdings, Inc. Class B common stock, 278,810 shares at October 31, 2023 and July 31, 2023		496		558
Other marketable equity securities		281		1,497
Fixed income mutual funds		3,903		4,054
Current equity investments	$	4,761	$	6,198
Visa Inc. Series C Convertible Participating Preferred Stock (“Visa Series C Preferred”)	$	1,249	$	1,263
Convertible preferred stock—equity method investment		2,444		2,784
Hedge funds		3,002		3,002
Other		1,455		2,825
Noncurrent equity investments	$	8,150	$	9,874

Schedule of Carrying Value of Equity Investments

The changes in the carrying value of the Company’s equity investments without readily determinable fair values for which the Company elected the measurement alternative was as follows:

	Three Months Ended October 31,
	2023			2022
	(in thousands)
Balance, beginning of period	$	1,632		$	1,501
Adjustment for observable transactions involving a similar investment from the same issuer		(14	)		(27	)
Upward adjustment		129			—
Impairments		—			—
Balance, end of the period	$	1,747		$	1,474

Schedule of Unrealized (losses) Gains for All Equity Investments

Unrealized losses for all equity investments measured at fair value included the following:

	Three Months Ended October 31,
	2023			2022
	(in thousands)
Net losses recognized during the period on equity investments	$	(917	)	$	(1,941	)
Plus: net losses recognized during the period on equity investments sold during the period		—			4
Unrealized losses recognized during the period on equity investments still held at the reporting date	$	(917	)	$	(1,937	)

The unrealized gains and losses for all equity investments measured at fair value in the table above included the following:

	Three Months Ended October 31,
	2023			2022
	(in thousands)
Unrealized losses recognized during the period on equity investments:
Rafael Class B common stock	$	(62	)	$	(72	)
Zedge Class B common stock	$	(8	)	$	(27	)

Summary of Changes in Equity Method Investments

The following table summarizes the change in the balance of the Company’s equity method investment:

	Three Months Ended October 31,
	2023			2022
	(in thousands)
Balance, beginning of period	$	2,784		$	1,001
Purchase of convertible preferred stock		672			—
Equity in the net loss of investee		(670	)		(470	)
Amortization of equity method basis difference		(342	)		(182	)
Balance, end of period	$	2,444		$	349

Summary of Statements of Operations

Summarized financial information of the EMI was as follows:

	Three Months Ended October 31,
	2023			2022
	(in thousands)
Revenues	$	2,551		$	1,873
Costs and expenses:
Direct cost of revenues		2,193			1,694
Selling, general and administrative		2,093			1,636
Total costs and expenses		4,286			3,330
Loss from operations		(1,735	)		(1,457	)
Other expense, net		(104	)		(344	)
Net loss	$	(1,839	)	$	(1,801	)